Sure. Read the CONTEXT and weep, Stemmy:
1Pe 5:1
The elders which are among you I exhort, who am also an elder,
and a witness of the sufferings of Christ, and also a partaker of the glory that shall be revealed:
1Pe 5:2
Feed the flock of God which is among you, taking the oversight [thereof], not by constraint, but willingly; not for filthy lucre, but of a ready mind;
1Pe 5:3 Neither as being lords over [God's] heritage, but being ensamples to the flock.
1Pe 5:4 And when the chief Shepherd shall appear,
ye shall receive a crown of glory that fadeth not away.
1Pe 5:5 Likewise, ye younger, submit yourselves unto the elder. Yea, all [of you] be subject one to another, and be clothed with humility:
for God resisteth the proud, and giveth grace to the humble.
1Pe 5:6 Humble yourselves therefore under the mighty hand of God,
that he may exalt you in due time:
1Pe 5:7 Casting all your care upon him; for he careth for you.
1Pe 5:8 Be sober, be vigilant; because your adversary the devil, as a roaring lion, walketh about, seeking whom he may devour:
1Pe 5:9 Whom resist stedfast in the faith, knowing that
the same afflictions are accomplished in your brethren that are in the world.
1Pe 5:10 But the God of all grace, who hath called us unto his eternal glory by Christ Jesus,
after that ye have suffered a while, make you perfect, stablish, strengthen, settle [you].
Note:
To WHOM is the epistle written?
TO THE ELDERS OF THE FLOCK, I.E. BELIEVERS ALREADY IN THE FAITH AND LEADERS. This is enough to demonstrate that the meaning of "grace" here can NOT be of the salvivic kind.
Note:
The context also engages the believers SUFFERING for the faith. A promise to those who "humble themselves" that in due time God will exalt them.
Again, point 1 dispels your notion.